August 7, 2015 |
Three years after a brush with extinction, the former Sunoco refinery in South Philadelphia has increased dramatically in value under new owners and could be worth more than $1 billion. The private-equity firm Carlyle Group, which rescued the refinery in 2012 in a joint venture with Sunoco, on Thursday is launching an initial public offering of Philadelphia Energy Solutions Inc. on the New York Stock Exchange. The $250 million IPO would value the underlying refinery enterprise at $1.3 billion, if PES shares launch at $16.50.
August 9, 2011
Fuel refiner and seller Sunoco Inc., of Philadelphia, said it will repurchase up to $500 million of its outstanding common stock. Chief executive Lynn L. Elsenhans called the move an "appropriate and strategic use of the company's cash while still allowing the flexibility to continue pursuing growth in our retail and logistics businesses. " Shares closed up $1.17, or 3.91 percent, to $31.11. As of June 30, Sunoco had approximately 121.6 million shares outstanding. - Reid Kanaley
June 22, 2000 |
A yellow cloud of gritty material from the Sunoco oil refinery blankets South Philadelphia last night. It caused burning eyes and coughing, but company officials said the dust from the 3 p.m. venting posed no threat to residents.
April 17, 2009 |
Sunoco Inc. said yesterday that it was selling its Tulsa, Okla., oil refinery to Holly Corp. for $65 million. The Tulsa refinery, with the capacity to process 85,000 barrels of crude oil a day, is the smallest of Sunoco's five refineries, which include three in the Philadelphia area. The deal is expected to close June 1, pending regulatory approvals, Philadelphia-based Sunoco said. The sale comes at a time when some analysts expect refiners to close some of the smaller U.S. refineries because demand for gasoline and other refined products is down.
January 23, 2004 |
Lower-than-expected profit margins in refining and a 25-day maintenance shutdown at its South Philadelphia refinery caused Sunoco Inc.'s fourth-quarter refining profit to fall by more than half, to $20 million from $48 million, the company reported yesterday. On the news, the Philadelphia company's shares gave back little of the more than $20 they had gained since August, falling 1 percent, to $56.07. Shares in independent petroleum refiners are at a cyclical peak, with many analysts seeing them headed into a period of strong profit because of, among other factors, clean-fuel regulations that tighten supply.
February 27, 2009 |
As Sunday's expiration of their contract with Sunoco Inc. nears, workers at the company's Philadelphia and Marcus Hook refineries yesterday stepped up efforts to protest staffing cutbacks they say will endanger workers and nearby neighborhoods. Several hundred refinery workers rallied outside Philadelphia's City Hall, then marched to Sunoco's headquarters. Union officials said they presented petitions against the cutbacks signed by about 2,000 people who live near the refineries.
July 10, 2008 |
Think it's a snap supplying racing fuel to NASCAR's teams? For Philadelphia-based Sunoco, now in its fourth year as NASCAR's official fuel, it takes extensive planning. "Our planning begins months ahead of the event," Thomas Golembeski, Sunoco's manager of media and public relations, said this week. "Once the fuel gets onto the dedicated fleet of Sunoco tankers, there's a strict chain of custody from the moment the fuel leaves the plant until it arrives at the track. "There are about 100 people on regional crews that oversee that process.
June 29, 1999 |
Sunoco is urging summer travelers to get "pumped up. " But investors in the century-old Philadelphia petroleum processor haven't had a lot to celebrate lately. The U.S. oil refining and marketing industry is in a funk. Gasoline prices have been rising more slowly than crude oil costs, and that squeezes gas merchants such as Sunoco. This is, as chairman Robert H. Campbell puts it, "a tough, dog-eat-dog business. " At a Philadelphia Securities Association luncheon last week, he admitted Sunoco won't meet its 15 percent earnings-growth target this year.
May 10, 2009 |
Workers spent much of yesterday cleaning up a gasoline leak at a Sunoco storage facility in Upper Chichester that has affected aquatic life in a tributary to Marcus Hook Creek, a spokesman for the state Department of Environmental Protection said. A witness driving by the scene at 11:30 p.m. Friday noticed a "geyser of gasoline" gushing from the Sunoco pump station on Route 322 in Twin Oaks and notified authorities, DEP spokesman Dennis Harney said. He said officials estimated that thousands of gallons of gasoline had spilled.
February 13, 2016 |
Sunoco is dishing up a new way for customers to refuel at its convenience stores: Tacos. Up to now, it's been best known for its gasoline, but on Friday, the retail fuel marketer is marking the grand opening of its first Laredo Taco Co. outlet at an APlus store in Greensburg, in Western Pennsylvania. The first Philadelphia-area taco store is set to open next month in Chester County. This venture into fresh, made-to-order food - while not novel in convenience-store circles - is new territory for Sunoco, whose mainstay business has been motor-fuel sales.